Nigeria’s financial services regulators are launching intensive regulatory assessment to review acquisition of a major stake in Nigeria’s oldest banking group, FBN Holdings by business magnate and investor, Mr Femi Otedola.
The review is also expected to include recent transactions by directors of the of the company. FBN Holdings (FBNH) Plc had on Saturday confirmed receipt of a notification that Otedola has acquired material shareholding in the holding company.
Company Secretary, FBN Holdings Plc, Mr Seye Kosoko in a regulatory filing stated that the holding group received notification of Otedola’s acquisitions on Saturday morning, after
The Nation had reported that Otedola had acquired more than five per cent equity stake in the holding group for First Bank of Nigeria (FBN) and its former subsidiaries. Regulatory filing at the Nigerian Exchange (NGX) showed that Otedola had acquired about 1.819 billion ordinary shares of 50 kobo each, representing 5.07 per cent of the group’s issued share capital.
Sources in the know said the full review of the transactions, a formal process for approval or otherwise of the transactions, will be conducted by the Central Bank of Nigeria (CBN) this week after a formal notification by the holding group.
